For Immediate Release
March 13, 2014
For More Information Contact:
Mayor's Press Office
Mayor Martin J. Walsh today announced the City has sold general obligation bonds (Series A) via competitive sale at an interest rate of 2.88% to fund $170 million in new capital projects. Seven different firms bid on the series.
"Taking advantage of our firm financial footing, the City was able to borrow at very favorable rates to invest in what counts the most when it comes to strong, vibrant neighborhoods - our schools, our libraries, and our open spaces," Mayor Walsh said.
Bond proceeds will help finance various capital projects throughout the City’s neighborhoods, including the Dudley Municipal Center.
The City budget includes several maintenance projects, such as targeted improvements for school facilities designated as turnaround schools, as well as the Eliot K-8 School, and Fenway High School. Other investments include significant expansion of children's and teen spaces at the central Boston Public Library location, core technology projects, fire equipment, and upgrades to parks and playgrounds.
Standard & Poor’s Rating Services raised its investment rating to AAA from AA+, while Moody’s affirmed their AAA rate. These ratings, the highest possible to achieve and a first in the City’s history, send a clear signal of the strength of Boston’s deep and diverse economy. Additionally, this favorable interest rate translates into real savings for Boston taxpayers.